Tag Archives: poverty

The major cause of global inequality of income and of capital is due to financial exclusion. Money is a social construct. We have created a financial system which abuses the currency of trust to marginalise a big chunk of the global population.

About 2 billion people are unbanked. They are outside the financial system. The majority of those who are included in global finance, are enslaved through debt.

Why is a mortgage a 25 year agreement? To keep people working until their 50s and 60s. But the mortgage is not the only debt. We have car loans, personal loans, credit cards etc. Money is debt. It is the incentive to keep people doing the jobs they don’t like.

The blockchain promises to disrupt the global Ponzi schemes run by central banks and governments. Each person becomes a bank through a decentralised app on their smartphone. The bitcoin and other crypto currencies are bringing down the walls of traditional banks, symbols of global inequality of income and of capital.

Blockchain applications such as steemit.com and dtube.com are rewarding its users for the interactions they make on these platforms. More applications are being built in every sector of economic growth and development. In education we have AcademyCoin. You can find their white paper on their website.

What is bitcoin and what is the blockchain? Bitcoin is a crypto currency. A crypto currency is a digital currency with encryption. Encryption ensures the security of the bitcoin.

The blockchain is the protocol that solves the problem of trust. Every human interaction is compromised by trust. We have built institutions that guarantee trust such as banks and governments. But these institutions have been behaving badly and can no longer be trusted.

The blockchain is here to guarantee trust. It promises to get rid of the institutions that we have built because these institutions can be compromised and can no longer be trusted.

The blockchain has applications in every area of human interaction that requires trust. It keeps a public ledger of every transaction between human beings.

The blockchain is an accounting system which cannot be compromised without the simultaneous consensus of all the participants in the blockchain. It’s the biggest disruption to the status quo after the internet.

My advice is for everyone to try to understand how it works and what applications are being used in your area of expertise. The blockchain is building a new economy which resurrects dead capital and incorporates people who have been financially excluded from economic activities.

Inequality of capital and of income is the biggest driver of poverty and it is a deliberate machination. The blockchain will put a stop to that.